ETF look-through · holdings as of 2026-06-30 · filed 2026-08-28
XLB State Street(R) Materials Select Sector SPDR(R) ETF
18.4%of the fund sits in checked holdings with a warning filing in the last 12 months
93.4%of the fund checked (the 24 largest matched holdings)
26stocks held · 93.4% matched to an SEC filer
Health HarborXLB sails as: Weathered boat
Sailing speed follows growth: 1.2% a year crosses the harbor in 76 seconds.
🌊 Visit the Bay →- 18.4% of the fund in companies with warning filings
- 37.4% slow and jumpy
Boat condition = number of warning signs: warning filings ≥ 5% of the fund; liabilities over assets ≥ 10%; slow and jumpy ≥ 30%; top 10 ≥ 60%; revenue ranges ≥ ±20%. A picture of the signs, not a rating and not investment advice.
Actuarial summary
| Measure | Value | What it means |
|---|---|---|
| Warning share | 18.4% | Share of the fund in companies that filed a warning event in the last 12 months. Lower is healthier. |
| Top-10 weight | 58.4% | How much the 10 largest holdings carry. Higher means more rides on a few names. |
| Effective holdings | 19 | The fund behaves like this many equal holdings (1 ÷ Σ weight²). Higher is more diversified. |
| Largest sector | Materials 84% | Of the holdings checked. Materials 84% · Industrials & services 11% · Consumer 5%. |
| Revenue range | ±15.4% | Weighted width of Edgarette’s tested 80% revenue ranges, on the 93% of the fund she covers. Narrower is more predictable. |
| Checked | 93.4% | Share of the fund Health Watch has read. |
| Cash conversion | 18.8% | Operating cash as a share of revenue, weighted. Higher = money arrives faster. |
| Growth speed | 1.2% a year | Revenue growth per year over three years, weighted. The long-term engine. |
| Dividend payers | 100% · raised 71% | Share of the covered fund in companies paying a common dividend, and raising it. |
| Dividend yield | 1.8% | Common dividends paid in the latest fiscal year ÷ market value, weighted. Market value = the reported price × diluted shares. |
| Buyback yield | +1.4% | Shares bought back minus shares issued for cash, ÷ market value, weighted. From the cash-flow statements. |
| Starting valuation | 51.7× earnings | Price ÷ earnings (P/E) of the covered fund, from net income as filed. Higher = more is already priced in. |
| Expected stock return | -9.6% to +23.6% a year | Building blocks (Grinold–Kroner): income yield +3.2% + revenue growth -12.8% to +20.4% from Edgarette’s 80% ranges + valuation change taken as 0. Midpoint +7.0%. Covers 93% (yields) and 93% (growth) of the fund. An assumption by a published method, not a promise or a price forecast. |
| Equity ratio | 43.8% | Equity as a share of assets, weighted. Higher = less owed to others. |
| Classic signals | Z″ distress 5% · F ≤ 2 0% · accruals ahead 0% | What a terminal subscription used to buy, a filing and arithmetic now give anyone: share of the covered fund in Altman’s distress zone (Z″ below 1.1), with a Piotroski F of 2 or less, and with earnings running ahead of cash (Sloan accruals of 10% or more). Display only. Method → |
| Liabilities over assets | 0.0% | Share of the covered fund in companies whose liabilities exceed assets (often from buybacks, not always distress). |
Cash Compass
🐄 Now 48%🍂 Fading 27%🌱 Later 11%🐂 Steady 9%🌊 Between 6%
Speed and steadiness
Slow · steady 53%Slow · jumpy 37%Fast · jumpy 10%
Inside view (own filings) and outside view (same-size peers) must agree · covers 93% of the fund · a description, not advice.
Risks to watch
- Concentrated: the 10 largest holdings are 58.4% of the fund.
- Behaves like about 19 equal holdings (effective number), so a few companies drive the result.
- Sector concentration: 84.1% of the checked holdings are Materials.
- 18.4% of the fund is in companies that filed warning events in the last 12 months.
- 37.4% of the covered fund is slow and jumpy: growing slower than peers with revenue that swings more.
- Holdings are as of 2026-06-30; the fund may have changed since.
Counted as a warning: late-filing notice, bankruptcy, debt trigger, non-reliance, auditor change, restructuring, impairment or cyber incident. Leadership changes and exchange listing notices or transfers are listed but not counted, because the filing code alone cannot tell a warning from routine housekeeping.
Warning filings by kind
| Kind | Holdings | Share of fund |
|---|---|---|
| Restructuring or exit costs | 3 | 10.2% |
| Material impairment | 3 | 8.3% |
| Auditor change | 1 | 2.7% |
| Debt accelerated or triggered | 1 | 0.9% |
Largest holdings
| Holding | Weight | Health watch, last 12 months | Classic signals Z″ · F · accruals |
|---|---|---|---|
| Linde PLC $LIN | 14.06% | quiet | Z″ 2.03 greyF 4/8accruals -4.1% |
| Newmont Corp $NEM | 5.84% | quiet · leadership change | F 8/8accruals -5.7% |
| Freeport-McMoRan Inc $FCX | 5.30% | quiet · leadership change | Z″ 2.43 greyF 6/9accruals -6.0% |
| Corteva Inc $CTVA | 4.96% | quiet · leadership change | F 7/9accruals -5.5% |
| Sherwin-Williams Co/The $SHW | 4.94% | quiet | F 6/9accruals -3.6% |
| Ecolab Inc $ECL | 4.73% | Restructuring or exit costs · leadership change | Z″ 3.24 safeF 6/9accruals -3.7% |
| Vulcan Materials Co $VMC | 4.72% | quiet · leadership change | Z″ 3.47 safeF 9/9accruals -4.4% |
| CRH PLC | 4.67% | not checked | — |
| Air Products and Chemicals Inc $APD | 4.62% | Material impairment · leadership change | Z″ 2.21 greyF 3/7 |
| Martin Marietta Materials Inc $MLM | 4.55% | quiet · leadership change | Z″ 3.65 safeF 8/9accruals -3.5% |
| Nucor Corp $NUE | 3.88% | quiet · leadership change | F 7/9accruals -4.3% |
| Steel Dynamics Inc $STLD | 3.73% | quiet · leadership change | Z″ 6.72 safeF 5/9accruals -1.7% |
| PPG Industries Inc $PPG | 3.62% | quiet · leadership change | F 6/9accruals -1.8% |
| Smurfit Westrock PLC $SW | 3.25% | quiet · leadership change | Z″ 1.66 greyF 7/9accruals -6.1% |
| Packaging Corp of America $PKG | 2.82% | Restructuring or exit costsMaterial impairment · leadership change | Z″ 4.02 safeF 4/9accruals -8.0% |
| International Flavors & Fragrances Inc $IFF | 2.71% | quiet · leadership change | Z″ 1.2 greyF 6/9accruals -4.5% |
| International Paper Co $IP | 2.70% | quiet · leadership change | F 4/9accruals -17.2% |
| Amcor PLC $AMCR | 2.68% | Auditor change · leadership change | Z″ 1.05 distressF 5/9accruals -3.3% |
| Dow Inc $DOW | 2.64% | Restructuring or exit costs · leadership change | F 3/8accruals -6.3% |
| DuPont de Nemours Inc $DD | 2.48% | quiet · leadership change | F 5/7 |
| CF Industries Holdings Inc $CF | 2.23% | quiet · leadership change | Z″ 3.52 safeF 8/9accruals -9.4% |
| Ball Corp $BALL | 2.22% | quiet · leadership change | F 7/8accruals -1.9% |
| Albemarle Corp $ALB | 2.13% | quiet · leadership change | Z″ 3.12 safeF 6/9accruals -10.9% |
| LyondellBasell Industries NV | 1.82% | not checked | — |
| Avery Dennison Corp $AVY | 1.66% | quiet · leadership change | F 5/9accruals -2.3% |
| Mosaic Co/The $MOS | 0.90% | Debt accelerated or triggeredMaterial impairment · leadership change | Z″ 3.47 safeF 9/9accruals -1.2% |
Classic signals: Altman Z″ (1995 variant, book equity; safe above 2.6, distress below 1.1), Piotroski F of 9, Sloan accruals. Each from the holding’s own filings; display only, not a rating. Why? →
Holdings are as the fund reported them to the SEC for 2026-06-30; N-PORT is made public about 60 days after quarter end. Only common-stock holdings are read; cash, securities-lending collateral and derivatives are left out. Sectors come from each company’s SEC industry code (SIC), grouped broadly; they can differ from an index provider’s sector labels. Display only: this describes what the fund holds, it is not a rating of the fund and not investment advice. Source: the fund’s N-PORT filing · this page as JSON
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